CBN, EFCC officials visit Gombe banks over cash shortage

EFCC officials cash shortage

OFFICIALS of the Central Bank of Nigeria (CBN) and the Economic Financial Crime Commission (EFCC) on Monday visited banks in Gombe State to ensure proper circulation of the new naira notes in the state.

The CBN team was led by Mr. Yusuf Philip-Yila, the Director, Development Finance Department, CBN Directorate Headquarters.

Philip-Yila said the monitoring exercise was to enforce compliance with the new CBN guidelines towards ensuring that cash released to banks was made available to the public.

He stated that the exercise was also part of efforts to guard against violation of CBN guidelines, as well as address challenges militating against cash circulation in the state.

He noted that the visit was also to caution banks against any attempt to sabotage the circulation of the new notes in the state.

The CBN official added that during the visit, some of the challenges observed, especially with cash dispensing through Automated Teller Machines (ATMs) were addressed.

He said the managements of the concerned banks were engaged in order to improve the circulation of the new notes through the ATMs.

He said more of the new notes had been made available to commercial banks, towards improving the ease of doing business, and also to make the new notes readily available to residents of the state.

“We are enforcing the directive of the Governor, Mr. Godwin Emefiele, who has directed banks to commence paying customers, new naira notes Over The Counter (OTC), subject to a maximum daily payout limit of N20,000,” he said.

The apex bank official said the exercise would no doubt, reduce queues at ATMs in the state.

The News Agency of Nigeria (NAN) reports that the combined team of the CBN and EFCC visited Polaris, Keystone, Zenith, Unity, Heritage, First Bank, Access, UBA and Union banks in Gombe State. (NAN)